IE Staff
(December 9 – 10:40 ET) –
Sun Life Assurance Co. of Canada
has received approval for its
demutualization plan from its
primary regulator in the U.S.
The decision from the Michigan
Insurance Bureau follows a November
22 hearing before the Michigan
Insurance Commissioner.
The next step is a policyholder
vote on December 15. If the plan
receives two-thirds approval at
that meeting, the firm will apply
to the federal minister of finance
for final approval.
Sun Life expects to demutualize
early next year. It plans to
distribute the entire value of the
company to its 1 million eligible
policyholders worldwide.
-IE Staff
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